9 retail and ecommerce trends from Insider Intelligence’s report
Market Logic Team
Wondering what the future of ecommerce looks like in a world forever changed by 2020’s global pandemic? We were delighted to have Marissa Coslov, Vice President of Insider Intelligence, join our recent webinar to share some key ecommerce trends you ought to keep an eye on over the next few years.
9 highlights from Insider Intelligence’s “Key trends in retail and ecommerce in 2021”
Ecommerce sales will continue to grow. Worldwide, retail ecommerce sales grew by an incredible 25.7% in 2020, and by 2025 sales are expected to reach $7.4 trillion US.
“Revenge shopping” is a thing in 2021. This year will be the year of “revenge shopping” where consumers seek justice for time lost to the pandemic by re-opening their wallets and indulging. In-store retail sales will see 6.3% growth in 2021, with minimal annual growth after that.
Pandemic online shopping behavior will stick. In 2020, the average spend per US digital buyer grew over 32%. That trend will grow steadily through 2023.
People browse on mobile and buy on desktop. There’s a difference between browsing and buying. Insider Intelligence found people still tend to buy on a laptop/desktop while browsing is reserved for their handheld devices. Still, mobile ecommerce sales grew 18.6% in 2021 and will continue to grow through 2025.
Friction-free convenience, click and collect, and Buy Now, Pay Later are growing trends. From fast shipping options to simple return processes and curbside pickup, consumers value a friction-free experience now more than ever, and that trend will continue to grow.
Grocery ecommerce sees massive growth. In 2021, the UK will see food and beverage retail ecommerce sales reach $39 billion. By 2025, Insider Intelligence estimates it will grow to an annual $53 billion.
Top 15 companies, ranked by retail ecommerce sales share. Amazon is still king in 2021 (41.4%), followed by Walmart (7.2%), eBay (4.3%), and Apple (3.8%). For a full list of the top 15 companies in the US, sign up to receive access to the webinar.
Social commerce is here to stay. Buying and selling products and services on social media unexpectedly saw huge growth during the pandemic. The average annual US dollars spent per social buyer are projected to double between 2021 and 2025.
Keep an eye on three retail trends. Key retail trends to watch going forward are digital wallets, cashierless checkout technology, and augmented reality.
The year 2020 was full of surprises. Ecommerce saw massive growth as the global COVID-19 pandemic quickly transformed retail. Despite ongoing confusion about the health of the economy and uncertainties about the pandemic’s trajectory, the trends suggest we’ll continue to see retailers adapt and innovate as the world navigates its new normal in the coming years. To watch Marissa’s full presentation, check out our webinar called “The future of ecommerce: trends and strategies to drive transformation.”
